pages: CityCouncil/2014-03-18.pdf, 15
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CityCouncil | 2014-03-18 | 15 | Commended staff for the audit report: Kevin Kearney, City Auditor. Agenda Item (14-104 CC/14-006 SACIC) Recommendation to Accept the Second Quarter Financial Report for the Period Ending December 31, 2013 and Approve Mid-Year Budget Adjustments to the Fiscal Year 2013-14 Budget. The Finance Director gave a brief presentation. Mayor Gilmore inquired whether the City received 25% of the un-used funds the Successor Agency funds, which went to the County. The Finance Director responded in the affirmative; stated every six months the City submits budget obligations to the Successor Agency Board; the Board receives about $6 to $7 million; remaining fund not used for obligations are returned to the 1% County pool; after the Educational Revenue Augmentation Fund (ERAF) payment, the City's net is approximately 25%. Mayor Gilmore inquired why the State is not trying to take the remaining funds. The Finance Director stated part of the 1% funds go toward ERAF, which is less money the State has to spend for the schools. The City Manager added the funds count against the State's Proposition 98 amount. Councilmember Daysog inquired whether the return of $1 million would reoccur annually, to which the Finance Director responded in the negative; stated some amount every six months will be received which will be evaluated for the mid-cycle update. Councilmember Daysog moved approval of the staff recommendation. Councilmember Tam seconded the motion which carried by unanimous voice vote - 5. Adjournment (14-105 CC) There being no further business, Mayor/Chair Gilmore adjourned the meeting at 11:32 p.m. in memory of Ray Gaul. Respectfully submitted, Lara Weisiger, City Clerk Secretary, SACIC The agenda for this meeting was posted in accordance with the Sunshine Ordinance. Joint Alameda City Council and Successor Agency to the Community Improvement Commission March 18, 2014 | CityCouncil/2014-03-18.pdf |